I want to retire early.

[SheilaJ697529]

I want to retire early, How do I find out what the penalties are for retiring early?

[dgl310]

Hi Sheila,

Without sounding snarky you can easily find out penalties by just retiring without doing some homework. Then you would find out soon enough!

For me:

I retired at 70 to get my full SS money. In addition, I qualified for a higher COLA as a result something I did not anticipate until this year when 2022 forecast was around 7-8 percent.

I had financial reverses from a drawn out divorce. It dictated to me to continue working. 

What is your health like? Mine was just about perfect at 70 and while I found working enjoyable,  it was just time. Losing some people in my life younger than me who never got a chance to retire was in the back of my mind as well. All that planning they did and for nothing. When you have your health (and Medicare) it is a ganm changer. 

A key to retirement is to retire to something, macrame, volunteering, golf, a new church, a new location, anything to engage your senses and goals. Socialization is important too. Hanging with your peers is good for you. I hope some of this helps.

Sincerely,

Doug

[WebWiseWoman]

Hi, SheilaJ! I recommend resources AARP provides: WHAT EVERY RETIREMENT SAVER NEEDS TO KNOW 

I think this will get anyone started and will provide great information.

#StaySafe